FDI proposals worth Rs 35 cr get nod

The government has cleared eight foreign investment proposals worth about Rs 34.77 crore, including those of CSC Computer Sciences International Operations and Life Positive Pvt Ltd.

"Based on the recommendations of Foreign Investment Promotion Board ... government has approved eight proposals of Foreign Direct Investment amounting to Rs 34.77 crore approximately," an official release said on Tuesday.

The UK-based CSC Computer Sciences had sought permission to set up a limited liability partnership with an investment of about Rs 30 crore.

Life Positive wanted to increase foreign equity participation from 96 per cent to 99 per cent and bring in FDI of about Rs 4.61 crore.

The government also cleared the proposals of Mahanagar Gas Limited, Medicamen Biotech Ltd, TutorVista Global Private Ltd, Ventura (India) Pvt Ltd, Syssmart Services LLP and Mahindra CIE Automotive Ltd.

One proposal relating to pharma firm Lupin Ltd was recommended for consideration of Cabinet Committee on Economic Affairs as the investment involved was of more than Rs 1,200 crore, said the release. Lupin seeks to increase the aggregate limit of investment by FIIs under the portfolio investment scheme to 49 per cent.

A total of 12 proposals were deferred, including those of Syngene International Ltd, India Value Fund IV, SME Capital Market Corporation, SNC-Lavalin Mauritius Ltd and Verint Systems (India) Pvt Ltd.

While, two applicants - Today Magazines Lifestyle Private Limited and TC Capital Managers - withdrew their overseas investment proposals.